IGL seeks renewable energy assets as it looks to turn net zero
₹1,500-1,600 crore in (FY25). If an opportunity comes for acquisition either in renewables, city gas distribution (CGD) space or any other, then we have the cash," he said, however, adding that there is no proposal available currently. City gas distribution (CGD), biogas and LNG will remain the core focus of investment plans.
“We are also looking for renewables, solar. It will also be helpful for our internal net zero plans," he said. Promoted by Gail (India) Ltd and Bharat Petroleum Corporation Ltd (BPCL), IGL is a city gas distribution major and supplies CNG (compressed natural gas) and piped natural gas (PNG) across Delhi-NCR (National Capital Region) including parts of Uttar Pradesh, Haryana and Rajasthan.
Chatiwal said the company’s target is to set up 80-90 CNG stations in the current financial year and a similar number in the next fiscal (FY25). In terms of PNG connections, he said that in the past five to six years, the company has expanded its PNG network from 750,000 connections to over 2.5 million. IGL’s target is to add 2-300,000 connections every year, he said.
In a bid to diversify its operations, the company during the recently ended India Energy Week 2024 signed memorandums of understanding (MoUs) with technology partners to set up compressed biogas (CBG) plants across Delhi, Haryana, Rajasthan and Uttar Pradesh with an investment of about ₹6,000 crore. In May last year, the company had tied up with ACME Group to explore green hydrogen opportunities. In the interview, Chatiwal also outlined plans to accelerate compressed biogas blending in its city gas distribution network.
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